In the dynamic world of cryptocurrencies, whales are of great importance. A few new whales have emerged recently with a strategic altcoin investing approach that challenges conventional wisdom. Here is the whale’s altcoin investment…
The moves of the altcoin whale surprised
This mysterious investor, identified through Lookonchain data, shook the market and attracted the attention of analysts by making a series of transactions totaling a staggering $15 million in the past seven days. Traditionally, large investors have turned to established giants such as Bitcoin (BTC) and Ripple (XRP). However, Lookonchain’s latest findings suggest a departure from the norm. The whale in question preferred various tokens, some of which had relatively lower market caps compared to the usual favorites.
One of Whale’s notable moves was his significant investment in Illuvium (ILV), a cryptocurrency that sits outside the top 100 crypto assets. Despite having a seemingly lower position, ILV has experienced a significant 50% increase over the last seven days. Catalysts behind this rise include Binance Futures’ announcement of ILV futures and the protocol’s upcoming integration with Epic Games later this month. The whale’s withdrawal of over $3.5 million in ILV likely points to a strategic long-term play fueled by confidence in the project’s future growth.
ENS, LQTY are also on the list
Besides ILV, the whale’s unusual portfolio includes other tokens that fall outside the top 100 cryptocurrencies by market cap. Among these, ENS ($546k) and LQTY ($71k) stand out and indicate a deliberate move towards lesser-known assets with significant gain potential. While Balina explored the depths of lesser-known tokens, he did not stay away from the giant of the crypto world, Ethereum (ETH). The mysterious investor timed the withdrawal of over $3 million perfectly during one of the most positive weeks for ETH in terms of price performance.
The rise in ETH’s value, breaking the $2,100 barrier for the first time in seven months, coincided with speculation about BlackRock’s potential application for a spot Ethereum ETF. Although ETH has experienced a slight pullback, it continues to trade above $2,000 with an impressive 11% gain in the past week. While the cryptocurrency market is witnessing unprecedented fluctuations, the strategic moves of this whale attract attention. The investor opted for a wide range of tokens, including those outside the top 100. In addition to the above, well-known altcoins such as Maker, 1inch, UNI were also among the coins taken into the whale’s wallet.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.